Turkey's ferrous scrap import market was idle on Thursday June 21, with consumers in Turkey moving to the sidelines ahead of the Turkish general election on Sunday - the result of which has the potential to influence currency moves and interest rates, industry sources told Metal Bulletin.
Moreover, Turkish steel producers are being cautious for the time being, with one trader source citing a drop in US steel rebar import prices from Turkey to $545 per tonne fob from $550 per tonne fob. Turkish steel rebar suppliers have been successful in selling more material to the United States in recent weeks since their product is cheaper compared with other countries affected by the US Section 232 import tariffs on steel. The fall in the Turkish lira versus the dollar this year has been key to that.But sources in the US said this week that the availability of cheap Turkish rebar is limited. American Metal Market's assessment for imported rebar rose to $680-699 per short ton ($750-770 per tonne) cfr...